January 20 (SeeNews) - Bulgaria’s Financial Supervision Commission (FSC) said it approved a revised offer of local diversified group Donev Investments Holding to acquire up to 8.16% of the equity capital of pharmaceuticals producer Sopharma [BUL:SFA].
The regulator decided to allow the publication of the revised offer for the purchase of 11 million shares in Sopharma, it said in a statement on Thursday.
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Sopharma's board of directors believes the proposed deal will not lead to significant changes in the company's strategy and operations for a three-year period after it is concluded, the company said in a bourse filing on Friday.
Last month, the FSC suspended Donev Investments' 49.5 million levs ($27.37 million/25.31 million euro) initial offer after identifying a number of deficiencies, including flaws related to Sopharma’s six-month weighted average price per share. Sopharma said that it received the revised offer from Donev Investments last week.
Donev Investments is 99.48%-owned by Sopharma CEO Ognyan Donev.
As of 1200 CET on Friday, shares in Sopharma traded flat at 4.50 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)